New from Minneapolis, MN - Looking for Help!

[Ulrich Faircloth]

Hello Everyone! 

I'm Ulrich and I got interested in Bigger Pockets by listening to the podcasts on YouTube. I currently work a full-time job, but am trying to get an investment to transition over to my business (not real estate) full-time. At the same time I am trying to get my first duplex as I am interested in owning multi-family properties. Start young, as they say!

My goal is to start acquiring property now while I have many years ahead of me. I plan to have this be passive income while relying on my business for primary income. 

I have a couple properties I'm interested in, but worried because I have no buffer of cash to rely on in case something falls through or breaks. Neither property (one for sure), to my knowledge, has tenants. With the MN winter coming up in about 2 months...if I buy and I'm unable to rent I'll have to foot the bill for the entire property in question, up until possibly April or May. No one wants to move in the winter after all. 

My godfather owns real estate (an 11 unit property in Edina). His focus is on CASH FLOW. He says that I'm in trouble without it, which I agree. I currently have no reserves...I make 28K a year and the rent for my studio is going up to $565 (about $585 with water/sewage) next month. Currently qualified for up to $130K for a conventional 3% loan and will be relying on down-payment assistance from the City of Minneapolis to pay for downpayment and closing costs. Problem is, I can only qualify for properties in the "bad" part of town. North Minneapolis. 

With an inability to really save (it would take me a year or two just to adequately save on my income. And I'm currently looking at getting an investment so I can quit my job to focus on my business full-time. Problem is, if I do that I'd have to wait an additional two years for tax returns...to verify my "new" income and re-qualify for a mortgage. 

Any advice on what to do in this situation? 

Thanks!!

-Ulrich